[et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”55px||||false|false” global_colors_info=”{}” custom_margin__hover_enabled=”off|desktop” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width=”95%” max_width=”100%” custom_margin=”||-24px||false|false” custom_padding=”55px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb-link title=”Real Estate 101″ _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjcyMiJ9fQ==@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”Buy” _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjE2MzIifX0=@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IiIsImFmdGVyIjoiIn19@” _builder_version=”4.18.0″ _dynamic_attributes=”title” _module_preset=”default” module_text_color=”#686E6E” global_colors_info=”{}”][\/wahi_breadcrumb-link][\/wahi_breadcrumb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _dynamic_attributes=”content” _module_preset=”default” header_font_size=”3.5rem” header_line_height=”4.5rem” header_font_size_tablet=”42px” header_font_size_phone=”2rem” header_font_size_last_edited=”on|phone” header_line_height_tablet=”4.5rem” header_line_height_phone=”2.5rem” header_line_height_last_edited=”on|desktop” global_colors_info=”{}”]@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IjxoMT4iLCJhZnRlciI6IjwvaDE+In19@[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”4px||3px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_socialsharing _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”24px” text_line_height=”1.5em” custom_margin=”||10px|||” global_colors_info=”{}”]<\/p>\n
An in-depth look at the pros and cons of buying a condo and the questions to ask before making an offer.<\/p>\n<\/div>\n <\/at-text><\/div>\n<\/div>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.18rem” custom_margin=”||6px|||” global_colors_info=”{}”]<\/p>\n By Emily Southey<\/a> | 15 minute read<\/p>\n [\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|phone” max_width_tablet=”” max_width_phone=”100%” max_width_last_edited=”on|phone” custom_padding=”0px||0px||true|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.18.0″ _dynamic_attributes=”src” _module_preset=”default” custom_padding=”1px|||||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|phone” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”2rem” header_2_line_height=”2.5rem” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” header_2_font_size_tablet=”36px” header_2_font_size_phone=”1.5rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”1.3em” header_2_line_height_phone=”2.25rem” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Condos represent an attractive opportunity to buyers. They\u2019re available across the Greater Toronto<\/a> Area, with new developments constantly under construction. Condos are a great choice for young professionals, retirees looking to downsize, or anyone who wants to enjoy city life without the hassle (and price tag) that comes with purchasing a house. Condos also make ideal investment properties. If you\u2019re thinking about buying a condo in Toronto, keep reading to discover all there is to know about doing so.\u00a0<\/p>\n –<\/span><\/p>\n The benefits of buying a condo are endless. One of the biggest advantages of purchasing a condo in Toronto is that you can live in a more desirable neighbourhood you otherwise wouldn\u2019t have the chance to. Whether house prices in that neighbourhood are out of your budget or there are simply very few homes that exist in the area, condo living affords you the opportunity to live in an exciting urban centre filled with restaurants, shops, and other amenities. Plus, the closer you live to downtown Toronto, the greater access you have to public transit. Using public transit can save you thousands (if not tens of thousands) of dollars in parking fees.\u00a0<\/p>\n \u00a0–<\/span><\/p>\n Further, condominiums are more social than other types of homes. Modern condo buildings tend to be equipped with a wide range of amenities, like gyms, pools, lounges, and more. If you\u2019re new to the city or looking to make new friends, the shared amenities in condo buildings are a built-in opportunity for socializing.\u00a0<\/p>\n \u00a0–<\/span><\/p>\n Maintenance is another pro of buying a condo. As a condo owner, you are not personally responsible for maintaining the exterior or common spaces in the building. Instead, you share the costs of maintaining these spaces and someone else takes care of the maintenance. This is ideal for people who have no time or energy to take care of tasks like shovelling snow in the winter.<\/p>\n \u00a0–<\/span><\/p>\n Moreover, condominiums have a reputation for being secure, so if safety is a top priority, a condo might be the right fit for you. Some condo buildings in Toronto have 24\/7 security or concierges, as well as systems designed to prevent strangers from entering the building or getting into the elevator. Plus, your neighbours are always close by in a condo building. Whether you\u2019re a young family or a single person living alone, the security that condo buildings provide is another major benefit.<\/p>\n –<\/span><\/p>\n Lastly, condos are a wonderful solution for people who do not want the hassle of owning a house or who may not be financially ready to buy one.<\/p>\n –<\/span><\/p>\n While there are many pros to buying a condo in Toronto, there are also a few cons. It\u2019s important to be aware of both before deciding whether purchasing a condo is right for you.\u00a0<\/p>\n \u00a0–<\/span><\/p>\n First and foremost, one of the biggest drawbacks to buying a condo is the condo ownership fees. Condo ownership fees, which may include special assessments, condo association fees, and condo association dues, can be expensive. While they go toward maintenance of the building, insurance, and more, they do not cover the maintenance of anything inside your specific unit. So being responsible for everything in your unit is another drawback of buying a condo. If something breaks and needs to be repaired, you will be paying for the repair out-of-pocket. When you\u2019re a tenant and an appliance breaks, your landlord is responsible for having it fixed. It\u2019s also important to remember that condo fees are not fixed and often increase over time. Depending on how high the condo fees are, buying a condo may not be that much more economical than buying a house. Plus, houses typically offer greater returns on investment than condos.\u00a0<\/p>\n \u00a0–<\/span><\/p>\n A second con of buying a condo relates to condo association rules. Condo associations set rules and bylaws dictating what condo owners are allowed to do with their units. For example, your condo association might prohibit satellite dishes or ban large pets or certain types of pets. Depending on your lifestyle, you may find these rules limiting, which can be frustrating since you own your unit.\u00a0<\/p>\n \u00a0–<\/span><\/p>\n One final disadvantage of buying a condo in Toronto is that the return on investment (ROI) might be smaller than if you bought a house. Whether the home will appreciate in value or not is always a risk with real estate<\/a>. However, condos are generally even riskier than houses in this regard, which is why it\u2019s important to do your research and compare past prices for condos in your neighbourhood. In addition, significant repairs or renovations on a condo may not increase the property value the way the same renovations would on a house.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#edf7f3″ global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#38505b” header_2_font_size=”2.63rem” header_2_line_height=”3.75rem” max_width=”800px” module_alignment=”center” header_2_font_size_tablet=”32px” header_2_font_size_phone=”27px” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”3.75rem” header_2_line_height_phone=”32px” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”2rem” header_2_line_height=”2.5rem” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” header_2_font_size_tablet=”36px” header_2_font_size_phone=”1.5rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”1.3em” header_2_line_height_phone=”2.25rem” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n When buying a condo in Toronto, you will likely have the option of purchasing one that is already built and has been lived in or purchasing a pre-construction condo. One of the appeals of buying a pre-construction condo is that they tend to be cheaper (this is because there is a risk the project will be delayed) and gives you more time to save.\u00a0<\/p>\n \u00a0–<\/span><\/p>\n A pre-construction condo, sometimes referred to as a new-build condo, is bought directly from the builder before it is constructed. Most pre-construction condos are purchased directly from the builder, but it\u2019s also possible to purchase a new-build condo from an original buyer who never moved into the property. When you buy a pre-construction condo, there will typically be a model unit set up for you to walk through, as well as detailed floor plans and 3D renderings available digitally. Buying a new-build condo means you will be the first person to live in the space and you may even be able to customize certain details of the unit, such as the kitchen cabinets or countertops. The main difference between buying a pre-construction condo and a condo that\u2019s already been built is the payment schedule. Pre-construction condos typically require down payments of between 20% and 25%. However, this deposit is paid on a payment schedule, usually over several months or even years, the idea being that the down payment is paid in full by the occupancy date.\u00a0<\/p>\n –<\/span><\/p>\n Buy a condo in Toronto by following these 10 steps.\u00a0<\/p>\n –<\/span><\/p>\n The first step when purchasing a real estate property is to decide on your budget and your ideal location. Consider how much you\u2019re willing to spend on a condo, keeping in mind not only the purchase price but the minimum down payment, as well as any associated condo fees. You should also settle on your desired\u00a0neighbourhoods<\/a><\/span>, as doing so can instantly help narrow down your search. We recommend walking around the prospective neighbourhood to get a feel for it, as well as researching the various amenities offered by that specific area (public transit, schools, grocery stores, shops). Further, you will need to decide what size of condo you\u2019re looking for, both in terms of square footage and the number of bedrooms and bathrooms. It\u2019s a good idea to make a list of your \u201cmust-haves,\u201d such as a pet-friendly building or a building with lots of amenities like a fitness centre and pool. One final consideration is whether you want to buy a turnkey condo or whether you are prepared to renovate or upgrade the unit. If it\u2019s the latter, be sure to factor renovations into your budget.\u00a0<\/p>\n –<\/span><\/p>\n The next step is\u00a0finding a REALTOR\u00ae<\/a><\/span>\u00a0to help you buy a condo. Do some research, interview multiple REALTORS\u00ae, and settle on one who has a good reputation. Your REALTOR\u00ae should be trustworthy, communicative, and knowledgeable about the market. A good REALTOR\u00ae will take care of everything, from sending you listings to booking showings to negotiating with the seller on your behalf after you’ve made an offer. Since you\u2019ll be working with your REALTOR\u00ae throughout the entire condo-buying process, make sure you get along with them.\u00a0<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#2F3E52″ custom_padding=”36px||36px|||” global_module=”1351″ saved_tabs=”all” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_text_color=”#ffffff” header_2_font_size=”2rem” header_2_line_height=”2.5rem” header_2_font_size_tablet=”2rem” header_2_font_size_phone=”1.6rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”2.5rem” header_2_line_height_phone=”2.25rem” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_text_color=”#e8db3a” text_font_size=”1.13rem” text_line_height=”2em” custom_margin=”||41px|||” global_colors_info=”{}”]<\/p>\n Listings updated every 15 minutes [\/et_pb_text][wahi_wahiButton url=”https:\/\/wahi.com\/ca\/en\/real-estate\/sign-up” button_color=”#EB7161″ circle_color=”#000000″ focus_color=”#000000″ is_white_hover_text=”on” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”]Sign UP[\/wahi_wahiButton][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”42px||42px||true|” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||75px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”2rem” header_2_line_height=”2.5rem” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” header_2_font_size_tablet=”36px” header_2_font_size_phone=”1.5rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”1.3em” header_2_line_height_phone=”2.25rem” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Getting\u00a0pre-approved<\/a><\/span>\u00a0for a mortgage is a critical step when buying any piece of real estate. Mortgage pre-approval is when a lender verifies that you qualify for a mortgage loan based on the documentation provided (documentation typically includes proof of income\/employment, proof of assets, identification, and information about any debts or financial obligations). Mortgage pre-approvals specify a term, interest rate, and principal amount. The principal amount is crucial as it can help homebuyers better understand their budgets. Though it\u2019s worth noting that a pre-approved mortgage is the maximum amount you may get for a mortgage; it doesn\u2019t guarantee that you\u2019ll get a mortgage for that amount. When it comes time to submit a formal mortgage application, the finalized mortgage amount will depend on many factors, such as the purchase price of the condo and the required down payment. Ultimately, getting pre-approved for a mortgage can be relatively quick, so long as you\u2019ve gathered the necessary documentation \u2014 and the benefits of doing so make it worthwhile. From the condo seller\u2019s point of view, having a pre-approved mortgage will make you a more attractive buyer. Therefore, to buy a condo in Toronto, we always recommend getting pre-approved for a mortgage before you start the condo-hunting process.<\/p>\n –<\/span><\/p>\n Let the fun part begin! Once you’ve gotten pre-approved for a mortgage, found a REALTOR\u00ae, and settled on a budget, it\u2019s time to start visiting condos. Your REALTOR\u00ae will likely send you\u00a0listings<\/a><\/span>\u00a0and scheduled showings for the condos you\u2019re interested in. Buyers can also research open houses and attend events on the weekends. At every property you visit, be sure to refer back to your list of \u201cmust-haves\u201d to help you decide whether the condo is right for you.<\/p>\nThe Pros of Buying a Condo<\/h2>\n
The Cons of Buying a Condo<\/h2>\n
\u201cCondos are a wonderful solution for people who do not want the hassle of owning a house or who may not be financially ready to buy one.\u201d<\/b><\/h2>\n
Buying A Pre-Construction Condo<\/h2>\n
10 Steps to Buying a Condo in Toronto<\/h2>\n
1. Set your budget and preferred neighbourhood(s)<\/b><\/h3>\n
2. Choose a REALTOR\u00ae<\/b><\/h3>\n
Sign up to access:<\/h2>\n
New listings alerts sent to your email
19 years of sold price history
Sold comparables for every listing<\/p>\n3. Get pre-approved for a mortgage<\/b><\/h3>\n
4. Schedule showings<\/b><\/h3>\n